Alfred Moore CPA LLC

If your C corporation traditionally makes deductible charitable gifts, make sure you know the rules for 2026 donations. Starting Jan. 1, 2026, corporations can only deduct charitable gifts in excess of 1% of the company’s taxable income, with a 10% of income cap. Amounts exceeding the 10% cap can be carried forward — as can amounts that aren’t currently deductible due to the 1% floor — for up to five years. You may want to execute a multiyear charitable deduction strategy if your company’s income varies from year to year. Contact us at (630) 405-8514. We can help by projecting income and other deductions so you can support your community while maximizing long-term tax benefits.

Tax law changes have created new planning opportunities for 2026. A review of your expected income and expenses for the year, along with any significant life changes, may uncover strategies to reduce your taxes. Start the conversation before year-end for more time to take tax-saving steps. And if you extended your 2025 return, we can help you file before the Oct. 15 deadline. Call us at (630) 405-8514 to schedule an appointment.

There are several benefits to having an estate plan. It can protect your wealth while giving you peace of mind that your assets will be distributed according to your intentions. In addition, it can save taxes, minimize legal complications and family disputes, and reduce expenses for your heirs. Do you have young children? An estate plan is a must so you can name guardians for them in the event of your untimely death. If you’re ready to begin your estate planning journey, or if you’d like us to review your current plan, contact us at (630) 405-8514.

Home renovations can improve a residence’s comfort, functionality, aesthetics and resale value. They might also provide tax benefits. You may be able to deduct mortgage interest on debt used to substantially improve your home. Certain improvements can also increase your tax basis, potentially reducing taxable gain when you sell. Medically necessary modifications may qualify as deductible medical expenses, subject to limits. And if you overlooked claiming now-expired credits for qualifying energy-efficient home improvements you made in 2025, an amended return may be worth considering. Call us at (630) 405-8514 to talk taxes before or after a home renovation.

Roth IRA and Roth 401(k) accounts help you save for retirement with after-tax dollars. Both accounts grow tax-free, and distributions are also tax-free if you meet certain conditions. However, higher earners may be ineligible to contribute to a Roth IRA. Income limits don’t apply to Roth 401(k)s, which also allow higher annual contributions. If you’re unsure where to put your retirement savings, contact us at (630) 405-8514 for more information on the tax considerations.

Did you know that if you have seriously delinquent tax debt, you could lose your passport? The IRS can “certify” unpaid federal tax debts over $66,000 (adjusted annually for inflation) to the U.S. State Department, which may deny a passport application or renewal — or even revoke your current passport — until your tax issues are resolved. If you’re overseas, you might receive only a limited-validity passport to return to the United States. Unpaid federal tax debt includes individual income taxes, trust fund recovery penalties, business taxes for which taxpayers are personally liable and other civil penalties. Contact us at (630) 405-8514 for details.

If you’re getting married, or were recently married, congratulations! Taxes are likely the furthest from your mind, but there are a few tax-related chores you need to consider. For example, next year, for 2026, you’ll be filing your first tax return as a married person. That could affect the amount of tax you should have withheld from your paycheck. Use the IRS Withholding Estimator to check. Then provide your employer with a new Form W-4. If your last name has changed, notify the Social Security Administration, which will inform the IRS. You and your new spouse should also review financial accounts, insurance coverage, estate plans and tax strategies. We can help. Contact us at (630) 405-8514.

You’ll probably owe tax on your retirement income — how much depends on factors such as the types of retirement accounts you own and your other income sources. In general, retirees should withdraw funds from any taxable accounts first, tax-deferred accounts second and tax-free accounts last. But different withdrawal strategies may benefit you. The important thing is to start planning before you retire. Call us at (630) 405-8514 for help.

Whether your business sponsors a 401(k) plan or is considering it, automatic enrollment deserves a fresh look. This feature automatically enrolls eligible employees in the plan unless they opt out or choose a different contribution rate. Under the SECURE 2.0 Act, many 401(k) plans established on or after December 29, 2022, must include an auto-enroll feature for plan years beginning after December 31, 2024. (Some exceptions may apply.) Older plans generally aren’t required to add this feature, but doing so can benefit both employers and employees. Call us at (630) 405-8514 for more information.

The ultimate success of a business often comes back to decisions made at its inception. If you’re planning to start a business, one key decision is choosing its structure, commonly sole proprietorship, C corporation, S corporation, partnership or limited liability company. In addition to owner liability variations, all have different tax requirements that can affect everything from hiring to cash flow to owner income. Another critical decision is choosing a tax year — either a calendar year or a fiscal year (12 consecutive months ending on the last day of any month except December). Call us at (630) 405-8514. We can help you make the best decisions for your current situation and your business’s future.